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Supreme Court clears way for sale of CHRYSLER...( Rule of Law ABOLISHED!?)
http://www.drudgereport.com/ ^ | june 9 2009 | drudge

Posted on 06/09/2009 4:28:47 PM PDT by Para-Ord.45

Edited on 06/09/2009 4:38:36 PM PDT by Admin Moderator. [history]

High court won't block Chrysler sale

WASHINGTON (AP) - The Supreme Court has cleared the way for Chrysler's sale to Fiat, turning down a last-ditch bid by opponents of the deal.

The court said late Tuesday it had rejected a plea to block the sale of most of Chrysler's assets to the Italian automaker. Chrysler, Fiat and the Obama administration had warned that the high court's intervention could have scuttled the sale.

A federal appeals court in New York had earlier approved the sale, but gave opponents until Monday afternoon to try to get the Supreme Court to intervene.

Justice Ruth Bader Ginsburg ordered a temporary delay just before a 4 p.m. deadline on Monday.

Excerpt.


TOPICS: Breaking News; Business/Economy; Constitution/Conservatism; Government; News/Current Events; US: Indiana; US: Michigan
KEYWORDS: automakers; bailoutnation; chrysler; indiana; killchryslerlist; michigan; pensionfunds; ruling; scotus
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To: plain talk

The events last October demonstrated that “markets” simply do not see 6 months downstream.


121 posted on 06/09/2009 5:02:01 PM PDT by muawiyah
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To: AirForceMom
"It’s tar and feathers time WTF"


122 posted on 06/09/2009 5:02:41 PM PDT by jessduntno (July 4th, 2009. Washington DC. Gadsden Flags. Be There.)
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To: garjog

What an awful picture. Wish I didn’t have that in my memory bank.


123 posted on 06/09/2009 5:03:39 PM PDT by TexasKate
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To: Para-Ord.45

This means that, between Roberts, Scalia, Alito, and Thomas, they couldn’t get four votes to hear the case.

Play a funeral dirge. The Republic is only searching for a comfortable place to lay down and finish dying.

I am discouraged. I’ll recover, but for the moment, I’m discouraged.


124 posted on 06/09/2009 5:03:45 PM PDT by savedbygrace (You are only leading if someone follows. Otherwise, you just wandered off... [Smokin' Joe])
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To: CaptainK

The Court did not say that the secured bond holders did not have any rights. It did not rule on the merits of that argument. The basis for the ruling was that the bond-holders did not show irreparable harm by letting the sale to Fiat take place.

Perhaps the court thought that in the end it could award the UAW shares to the bondholders. If this is a possible remedy, or if there is another remedy which makes the bondholders whole, then the lifting of they stay does not have that great an import.


125 posted on 06/09/2009 5:03:52 PM PDT by Lou Budvis (Palin Nation = Reagan Country.)
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To: Lurking Libertarian
The Supreme Court did not rule, one way or the other, on whether the Chrysler sale is legal, but it is refusing to stop it from going forward.

Yep right on --- it was like a rejection, not a ruling. And the order said so. Any idea why they rejected the appeal? I heard the AG the other night and what they were doing sounded sort of flaky to me.

There is still hope, and where there is hope there will be change.

126 posted on 06/09/2009 5:04:00 PM PDT by Tarpon (You abolish your responsibilities, you surrender your rights.)
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To: TexasKate

They were sitting at the table, ready to close at 4:01 yesterday - until Ginsberg extended the stay. You think they won’t get back to the table now that the stay has been lifted?


127 posted on 06/09/2009 5:04:23 PM PDT by patton (Obama has replaced "Res Publica" with "Quod licet Jovi non licet bovi.")
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To: papertyger
MY GOD, next is health care establishment. Good help all those employed in hospitals etc.....we are so SCREWED! Something must take shape in order to save this country. Something VERY radical and very revolutionary!! TO ARMS!!
128 posted on 06/09/2009 5:05:33 PM PDT by RoseofTexas
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To: Para-Ord.45

We are now a complete Democracy instead of a Republic.

Next step?


129 posted on 06/09/2009 5:06:38 PM PDT by Glenn (Free Venezuela!)
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To: patton

http://www.youtube.com/watch?v=QEnaAZrYqQI

Here is the reason why!!!


130 posted on 06/09/2009 5:07:20 PM PDT by danamco
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To: BCrago66

http://www.scotusblog.com/wp/wp-content/uploads/2009/06/chrysler-order-6-9-09.pdf


131 posted on 06/09/2009 5:07:52 PM PDT by Roccus (The Capitol, the White House, the Court House...........America's Axis of Evil)
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To: Lurking Libertarian

So they pulled a Pontius Pilate.


132 posted on 06/09/2009 5:08:26 PM PDT by Orange1998
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To: savedbygrace

They needed 5 not 4.


133 posted on 06/09/2009 5:08:35 PM PDT by TexasKate
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To: Lou Budvis
The UAW shares in the New Chrysler are being computed and awarded on the basis of the payment promised or made to people covered by the Chrysler/UAW health care benefit ~ that is, essentially, salary.

Same with GM, and it's pretty much what's been done all along with all the other large bankruptcies the last 20 years.

The law treats these health care benefits as SALARY or WAGES. Presumably the company secured the benefits with its assets.

International Harvester was literally reduced to a successor company with nothing to do but pay the health benefits.

The preferred bondholders would be in line immediately behind workers demanding wages (including the health care benefit).

I suspect the UAW lawyers and grifters are already figuring out how to bleed the new NPG that will be administering the health care benefit.

134 posted on 06/09/2009 5:10:25 PM PDT by muawiyah
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To: tioga

Best investment in America these days is a timely contribution to Obama.

Works for the unions.

(You watch. The government will guarantee their pensions.)


135 posted on 06/09/2009 5:10:34 PM PDT by Sundog (The government is spending two dollars for every one taken in. Why isn't that illegal?)
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To: Para-Ord.45; Carry_Okie

I suspect that the “compelling state interest” meme has claimed another constitutional barricade against tyranny.

And it a punny way it’s fitting: Using Presidential fiat for the benefit of Fiat.


136 posted on 06/09/2009 5:10:37 PM PDT by Avoiding_Sulla (Yesterday's Left = today's status quo. Thus "CONSERVATIVE": a conflicted label for battling tyranny.)
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To: Para-Ord.45

Placemark.


137 posted on 06/09/2009 5:10:44 PM PDT by EternalVigilance (They tell you that conservatism "can't win" because they don't believe in it. Duh...)
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To: patton

You need “state action” to bring a Takings Clause case; here, one could prove that the gub’mint was the driving force behind this sale action. The government designed it, facilitated it via TARP money, and is a big shareholder (I forget whether majority or minority) in the new legal entity that bought the company, New Chrysler.


138 posted on 06/09/2009 5:11:00 PM PDT by BCrago66
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To: patton

Oh cripes-I thought it wouldn’t go through until Monday. How could they have been ready to close when Gonzales just ruled today on the dealerships. Did that not have anything to do with the sale to Fiat?


139 posted on 06/09/2009 5:11:37 PM PDT by TexasKate
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To: muawiyah
The events last October demonstrated that “markets” simply do not see 6 months downstream.

No one can accurately predict the future but markets try to nonetheless. In this case they didn't have to. This GM thing is old news.

140 posted on 06/09/2009 5:12:30 PM PDT by plain talk
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